RTO Pro Manual > Terms Used in This Manual and RTO Pro

ACH Payments: ACH stands for "Automated Clearing House (ACH) Network". ACH is integrated in RTO Pro. Any of your customer with a checking or savings account can pay their payments either on a recurring basis automatically through ACH. ACH can also be used to pay payments as a 1 time payment. To get setup to use ACH in RTO Pro call 352-383-9375.

All Agents: "ALL AGENTS" is a special agent that can be used to depreciate all inventory on 1 report. This is useful if you want to depreciate all inventory the same and you want to use the inventory agent field to track vendor, supplier etc.

APU: Average rent per unit. The APU is the amount of rent collected over a given time (usually monthly) divided by the number of items on rent.

BOR: This is an industry term that stands for "Balance On Rent", it actually means the number of units that you count as BOR that you have out on rent. You can determine which items you count as BOR when you receive the item if you want it to count as BOR put yes under the BOR box. Items flagged as BOR will show up on various reports, if flagged as non BOR they would not show up on these reports. For instance if you receive 2 items, flag one as BOR YES and one BOR NO, if you rent both of those items out reports would show you have 1 BOR on rent.

CATEGORY: A category is a general description for inventory like APPLIANCES, FURNITURE or VCR. You can have unlimited categories and sub categories. The categories are used in the BOR Report to show the breakdown of your BOR per category. They are also used in the revenue summary by category to show the breakdown of revenue by category.

Club Program: The Preferred Customer Club administered by Nationwide Club Administrators, Inc. (NCA) is a Personalized Customer Retention Program and a New Profit Center to boost revenue and increase profits. For more information about NCA and the Preferred Customer Club call 800-771-2582. Club features for NCA are built into RTO Pro.

EPO: This stands for Early Payoff. The Early Payoff in RTO Pro (F8 from Payment Screen) includes tax and any other charges due. If the contract is eligible for an early payoff discount the discount is not given on any back rent due. So if they are 1 week behind the EPO would be 1 full payment + remaining balance X discount + Tax + other charges due.

FLOOR PLAN AGENT or F/P Agent: This is the finance agent for inventory and also is a grouping for depreciation. For example if your inventory is floorplanned by ITT you would probably use ITT Retail as a Floor Plan Agent name, and if you also had a rental line with ITT you would use ITT Rental as another agent name. You may also have inventory that you do not have finance that you purchase yourself, you will want to make up a name to use as Agent for this also like "Rental". You generally only need to have 1 inventory agent if you buy your own inventory unless you want to have different depreciation types for different inventory items. See Special Considerations for Multiple Stores also See Accounting and RTO Pro and Instructions for setting up depreciation.

GRP, DWF, LDW. These are all initials different stores use for Damage Waiver. A damage waiver is a fee that you could optionally charge to your customer, if the customer agrees to it that would generally cover loss or damage of the inventory in cases of theft, lightning and other instances of loss that is not the fault of the customer. In the case of a covered loss the customer would be released of the liability of paying the remainder of the contract. Most stores that offer Damage Waiver generally charge between 5% and 10% of the payment amount as the fee. Check your local laws to make sure you can charge a fee like this before you enact a DWF plan. The logic behind charging a DWF fee is that when a loss does occur most customers would not pay the remainder of the agreement anyway so hopefully the total fee's you collect would cover the losses you do occur.

FLIPS AND DEPRECIATION: Flips is to flip inventory from one agent to another, generally from a Retail agent to a Rental agent. (See FLIPS.) Depreciation is the way you charge off Rental inventory as an expense. See Depreciation Report and Instructions for setting up depreciation.

Non-Serialized Inventory: Non-Serialized inventory is inventory that is not tracked individually, only the count is tracked in RTO Pro. Think of it like cans of soup at Wal-Mart, they don't track where each can is or who any particular can was sold to, only how many cans were sold and how many they have left. Non-Serialized inventory is not depreciated, you get cost of Non-Serialized from the Non-Serialized Cost of Sale report. Some stores expense Non-Serialized inventory cost at the time it is received. Generally inventory that is to be rented should not be loaded as Non-Serialized. If you have inventory that does not have a serial #, such as bedding, if you are planning to rent it out you should assign each piece or set a serial #.

AutoPay / AutoCharge: This is when a customer's payment is automatically charged to a credit card or ACH every month/week. When AutoPay is setup for a customer the credit card saved for the customer will be charged or if they pay by ACH the ACH transaction will be processed and their payment will be entered in RTO Pro automatically when it is time to process it. To use this feature you have to use X-Charge for credit card processing or for ACH you must have an ACH account setup through RTO Pro. For more info about X-Charge or ACH call 352-383-9375.

RENTAL and RETAIL Inventory: Rental inventory is generally for rent and Retail inventory is generally for sale but it doesn’t matter which the item is, you can sell a Rental piece and you can rent a Retail piece. The difference is on the BOR report if you receive inventory as BOR and as Rental inventory it will show up as idle inventory immediately. If you receive an item as Retail and BOR it will not show as idle unless it is rented out and returned. When you rent a Retail piece out it will be changed to Rental inventory automatically.

RTO Pro Word Processor: The RTO Pro Word Processor is built into RTO Pro and is used to edit letters, contracts, invoices and other forms in RTO Pro. You edit contracts in Printer Setup and you edit letters from the "Edit Letters" function (Customer Menu option 5). The RTO Pro Word Processor is a WYSIWYG (What you see is what you get) word processor similar to Microsoft Word.

STOCK or ID#: This is a optional number that can be used to identify a piece of inventory. Most inventory will have a model and serial number printed on it from the manufacturer, the stock number is a number assigned to the inventory by you, for your own tracking purposes, if needed.

Tax Zones: Tax Zones are used to handle sales tax in destination based tax states. Destination based tax is where you collect tax based on where the customer lives or where merchandise is delivered instead of where the store is located. You setup tax zones in Store Setup under the Sales Tax tab. RTO Pro can handle state, county, city and up to 3 special tax districts.

X-Charge: X-Charge is the credit card processing software that is integrated with RTO Pro. If you use X-Charge and take a credit card payment in RTO Pro the credit card is processed right through RTO Pro and your computer, you do not need to have expensive credit card terminals. For more info call 352-383-9375.

Customer Zones: Customer Zones are used in RTO Pro to split customer into different areas or routes. This is usually used to separate customers for multiple account managers. This is not the same as "Tax Zones".

Vendor: Inventory vendor is the supplier you purchased the inventory from, for instance Kenmore could be the brand but Sears may be the vendor you purchased it from. Many shed rental companies use the vendor field to track what lot the building is at. Inventory reports can be ran based on vendor. To edit your Vendor list go to Inventory Menu > Master Model / Category > Click Function keys(menu at top left) > Edit Vendor List